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Sembcorp Marine unit bags S$56m contract to convert tanker

Marine and offshore engineering group Sembcorp Marine said its subsidiary Sembawang Shipyard has secured a S$56 million contract from marine transportation firm Teekay to convert a shuttle tanker into a floating storage and offloading ship.

PHOTO: BLOOMBERG

MARINE and offshore engineering group Sembcorp Marine said its subsidiary Sembawang Shipyard has secured a S$56 million contract from marine transportation firm Teekay to convert a shuttle tanker into a floating storage and offloading ship.

The ship is expected to arrive at Sembawang Shipyard in June 2015, with completion in 11 months, Sembcorp Marine said.

The ship will be used in the Norwegian North Sea under a charter contract between Teekay and Norwegian oil and gas firm Statoil.

Sembcorp Marine shares closed on Tuesday evening at S$3.10, up two cents.